Crypto analyst Tony Severino has supplied an ultra-bullish outlook for the Bitcoin worth, predicting that the flagship crypto may rally to as excessive as $321,000. The analyst admitted that this goal was too excessive for BTC however added that it was merely the “math.
Bitcoin Price To Reach $321,000 In This Market Cycle
In a substack post, Tony Severino predicted that the Bitcoin worth may rally to as excessive as $321,000 on this bull run. This got here because the analyst highlighted a possible head and shoulders pattern that had fashioned on Bitcoin’s chart. The analyst claimed that if this bullish sample was legitimate, then it tasks a most goal of $321,000 per BTC.
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Severino admitted that this worth goal for the Bitcoin worth is simply too excessive however remarked that it’s the “math.” Interestingly, the crypto analyst went on to present a better worth prediction for the flagship crypto based mostly on one other bullish sample. According to him, BTC may attain $345,000 if it touches the higher boundary of the primary uptrend channel over the past 8 years or thereabouts.
Meanwhile, Severino additionally supplied extra conservative targets for the Bitcoin worth. The analyst predicted that BTC may at the very least contact $158,000. This got here as he famous that the 2021 cycle peak inverse Fibonacci extension may challenge the 2025 cycle peak. If so, he acknowledged that this peak inverse Fib extension is situated among the many lowest estimates for BTC at $158,000.
The crypto analyst additional remarked that one other technique of utilizing the 1.618 Fib extension includes projecting the goal from the height of wave 3 from the underside of wave 1. Based on this, he added that this requires a possible goal of $194,000.
Severino supplied one other model that tasks the 1.618 Fib extension from the highest of subwave iii of 5 to the underside of subwave i of 5. If this performs out, BTC may attain a barely decrease goal of $186,000. Lastly, the crypto analyst additionally raised the opportunity of the Bitcoin worth peaking at $191,000. He highlighted a bull pattern, which, if legitimate, may ship BTC to this goal.
BTC’s Price Action In The Short Term
Crypto analyst Ali Martinez supplied insights into the Bitcoin worth motion within the quick time period. In an X put up, he acknowledged that the important thing help degree for Bitcoin is at $97,877, the place greater than 101,000 BTC had been amassed. The analyst additional remarked that holding above this degree is essential to sustaining the bullish momentum for the flagship crypto.
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In one other X put up, the crypto analyst supplied a bullish outlook for the Bitcoin worth. He famous that the variety of BTC transactions over $100,000 has doubled previously week, rising from $15,620 to $32,320.
At the time of writing, the Bitcoin worth is buying and selling at round $104,300, down nearly 1% within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture from Unsplash, chart from Tradingview.com
